Geetha Pillai

The deepening crisis in the Eurozone has given rise to a lot of speculation about the future of the region in its present shape.

The current economic slowdown has created huge regional economic disparities in Britain with Wales, West Midlands and Yorkshire facing the worst, reports Pricewaterhouse Coopers. Though the unemployment rate and other growth indicators are negative for London, the city has fared better compared to the other regions.

The jargon “bangalored” has returned in all its vigour after a period of lull in the outsourcing sector as a result of shrinking contracts and delayed decision making by customers. The worsening debt crisis in the eurozone is making it all the more important for companies to cut their operating costs.

The Eurozone is greeted by worsening news each day as Germany and France try to save the currency and the concept. The latest to join the league of bail-out seekers is Italy as the country’s 10-year bond yields reached more than 7 percent on Wednesday.

It is not the food prices that are causing the monthly household expenditure going over the roof for the British citizens, according to the latest British Retail Consortium (BRC) report on Shop Price Index 2011. Rising utility, fuel and insurance bill are the real culprits and driving the household spending to a higher range.

The Confederation of British Industry on Wednesday urged Chancellor George Osborne to continue austerity measures to safeguard Britain’s prestigious AAA credit rating. The leading business lobbying group also slashed its GDP projections.

Vodafone, Britain’s biggest mobile phone company denied any ‘sweetheart’ deal with HMRC in a reported multibillion tax bill. The company was accused of settling a tax dispute by paying just £1.25 billion last year as the actual amount is still not clear.

Nissan Motor Corp Ltd, Japan’s second largest automotive company by volume, is planning to start 400 free charging stations across Europe by February 2012. As part of its plans to set up a European-wide Quick Charge (QC) network across prominent locations in Europe, the company is giving away the charging stations free of cost to the operators.

The housing market in the UK has shown some resilience in the face of a rather subdued growth period, across the economy, for the month of October.

The Royal Bank of Scotland (RBS) seems to be less than concerned by its decline in profits; evident by its reported decision to award a total of £500 million as bonus for its employees.

A report by Accountants and Business Advisers BDO LLP suggests that dismal growth in the service sector is contributing to the contraction of the economy, which is already at risk or could be at serious risk as early as the first quarter of 2012.

The future of more than 1000 odd employees working in 11 Best Buy mega stores across UK is hanging in the balance as the stores are reportedly going for a closure.

The property sector in the UK is abuzz with reports of high value acquisitions amidst the overall slow growth of the economy. The eurozone crisis and decline in the overall property prices have aroused the global interest in UK property market.

The sale of BP's 60 percent stake in holdings of Argentinean oil producer Pan American Energy LLC, to the Bridas Corp. has failed.

Eurozone finance ministers will meet in Brussels Monday, as they seek to persuade Greece to accept the terms of the next installment of its bailout package, proceed with reforms, and refrain from antagonizing donor nations.

The decline of the Euro has now made its impact felt on the price of milk and the cup of morning tea. The prices of milk, in the European Union (EU), rose in September, led by higher payments to farmers by dairies in Germany, France and the UK, as the Euro's decline boosted exports.

The iconic British automobile brand, Jaguar Land Rover (JLR), has launched its new sports utility vehicle 'Evoque' in India with a starting price of £56,983 (4.5 million rupees). Currently four variants of Evoque will be available in India.

Recessions have shaken the world economy in more than once and each time the world has come out of it at different pace. The world can still breathe easy as the gravity of the current recession, in terms of its recovery period, has not yet surpassed the Great Depression of 1930.

As resolution of the debt crisis continues to be elusive, the now-concluded Group of 20 Summit witnessed an unprecedented tendency on the part of world leaders to point fingers at each other.

Anglo American Plc is set to increase its stake in De Beers by buying out the Oppenheimer family’s holdings in the company for a 3.1 billion pounds ($5.1 billion) deal.

British Airways World Cargo (BAWC) has got delivery of three 747-8 Freighters from Boeing. The new aircraft will be operated under a lease agreement with Global Supply Systems Limited, a 49 percent UK affiliate of Atlas Air, owner of the aircraft. The current fleet of 747-400 freighters would be replaced by the new freighters.

The Royal Bank of Scotland Group Plc. (RBS) Friday reported a decline in its third quarter profits. The much watched banking stock in the FTSE posted an operating profit of 267 million pounds which is 63 percent down for the same quarter last year.

As world leaders struggle to resolve the eurozone debt crisis, the continent has a 30 percent likelihood of falling into recession, a new study warns.

The customers of Santander UK Plc can shop more for this Christmas as the bank is extending its cash back offer to its new current account holders.